Macy’s just announced they will be eliminating 7,000 jobs and centralizing part of their operations. With so many retailers on the brink of collapse and so many bankruptcy filings I wonder which ones will be left at the end of 2009?
We’re definitely seeing a retail replay of survival of the fittest.
Retailers are being forced to adapt to these harsh market conditions but im the end all the job cuts and restructuring will be meaningless if they do not offer merchandise that attracts consumers. Macy’s has been struggling to maintain their significant market presence while attracting a more trendy and youthful customer but the merchandise and in-store brands consistently seem to be of the lowest quality but the highest price.
Macy’s use to set trends now they just seem to follow them
I sincerely hope they are able to reinvigorate and reinvent themselves quickly before they become obsolete and more people lose their jobs.